Market Extends Rally on Smart Buying, Nifty up by 81 pts

Wednesday, August 31, 2011
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Mumbai: An across-the-board smart buying activity helped the market extend its overnight aggressive pull-back rally with the benchmark S&P CNX Nifty revisiting the psychological 5,000-mark at the National Stock Exchange (NSE). The 50-share Nifty oscillated between a high of 5,016.25 and a low of 4,927.55 before ending at 5,001.00, a further sharp gain of 81.40 points or 1.65 percent over its previous close. Market resumed on a highly positive note, well supported by its global peers and continued its strong momentum taking the key-index to the 5,000-level with buying witnessed across the sectors. However, the market erased its entire gain on profit- booking at higher level after the announcement of GDP data by the government. But soon, it rebounded sharply on hectic low-level buying amidst short-covering, helping the market to conclude the session on a firm note. Firm buying was seen in banking, IT, oil&gas, capital goods and pharma counters. While, select frontline shares along with fmcg encountered profit-selling. Meanwhile, the country''s GDP growth slowed to 7.7 percent in April-June quarter, from 8.8 percent in the same quarter last fiscal. "Investors are basically confident on encouraging US economic data, which is helping the domestic market to revamp from its oversold positions at the moment," traders said. Sesa Goa, DLF, HCL Tech, JP Associates, Jindal Steel, Hindalco, Ranbaxy, Sun Pharma, HeroMotco and Tata Steel were the top gainers from the Nifty. However, ONGC, GAIL, ITC, BPCL, Bharti Airtel, BHEL, Ambuja Cement, Hindunilever, Reliance Infra and L&T ended with losses. Turnover in cash segment shot up to Rs. 11,687.49 crore from Rs. 9,418.90 crore yesterday. A total of 6,530.91 lakh shares changed hands in 60,22,786 trades. The market capitalisation stood at Rs. 59,21,684 crore.
Source: PTI
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